AR Retainage

Hi,

Need some clarifications on the following:

We need to generate Invoices for a Customer as below:

Total Basic Price                               : 80,000

GST                                                  :      800

                                                          ----------

Gross Value                                      : 80,800

Advance recd from Customer  15%  :12,000

Retention - 10%                                :    8000  

                                                           ----------

Net Payable amount                         : 60,800

                                                          -----------

Retention amount is deducted from the Invoice and kept separately in Rentention a/c in GL and once the Project completes, this retention amount is being received from the Customer.  How can we approach this issue.  We think the retention amount and the Net Pay should be shown separately in AR Ledger. 

Thanks

Vidhya